The Expert Podcast

• The Trade-In Question:
  • Dealerships often ask, “Do you have a trade-in?” early in the process.
  • This helps them gauge your financial situation and evaluate profit opportunities.
• Why They Ask About Your Loan Balance:
  • They want to determine your vehicle’s equity.
  • Example scenarios:
    • Positive equity: Owe $15,000 but car is worth $18,000 → $3,000 equity.
    • Negative equity: Owe $15,000 but car is worth $10,000 → $5,000 deficit.
  • Remember: The amount you owe doesn’t impact the actual value of your car.
• When to Disclose Loan Information:
  • Only share loan details after negotiating the trade-in value and new car price.
  • Revealing it too early could reduce your leverage.
• How to Respond to Loan Questions:
  • Divert the question:
    • "Does my loan balance affect my car's value?"
    • "Will you adjust the trade-in value based on how much I owe?"
  • Flip the script:
    • Ask, "How much do you owe on this new car?"
    • Note: Dealerships also finance their inventory with loans.
• Negotiation Tips:
  • Stay firm but polite to avoid seeming confrontational.
  • Avoid discussing credit or loan details before agreeing on car and trade-in prices.

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